Two former traders from interdealer-broker GFI Group, including its former London head of coal, are set to launch their own brokerage for coal products.

Tristram Simmonds and Michael Griffin, who left GFI last spring, have launched a new firm called Atlantic Brokers, which received Financial Services Authority approval on January 2. The broker will officially launch next month, offering broking services for physical and financial coal products, according to individuals familiar with the firm’s plans. Simmonds spent 15 years at GFI.

He was instrumental in setting up the broker’s physical coal broking service in 2006, according to reports at the time. Griffin was with GFI for nine years and was a broker on the coal desk working under Simmonds.

Commenting on the coal market, Seb Walker, managing partner at consultancy Tricumen, said: “Last year wasn’t the best year for commodities, especially in energy. The worst hit were oil and gas, while coal fared slightly better. People have been surprisingly bullish about the commodities market being better this year with a number of investment banks marking it as a growth area.”